Ceigall India Limited announced that its wholly owned subsidiary, Ceigall Infra Projects Private Limited, has secured a significant highway construction contract from the National Highways Authority of India (NHAI). The Letter of Award, dated February 11, 2026, represents a major infrastructure project worth ₹2,160 crore in Bihar state.

Project Overview

The awarded project involves the construction of 4-laning of the Sahebganj Areraj Bettiah section of NH 139W, spanning a total length of 78.942 km in Bihar. The project will be executed under the Hybrid Annuity Mode (HAM), a public-private partnership model commonly used for highway development in India.

Project Sections

The highway project is strategically divided into two distinct sections to facilitate efficient execution and management:

• Section-1: Sahebganj to Areraj covering 38.362 km
• Section-2: Areraj to Bettiah spanning 40.580 km

This segmentation allows for parallel construction activities and better resource allocation across the project timeline.

Special Purpose Vehicle Formation

Following the project award, Ceigall India has incorporated a dedicated subsidiary, "Ceigall Sahebganj Bettiah Highway Limited," on February 17, 2026. This Special Purpose Vehicle (SPV) has been specifically created to undertake the execution of the awarded highway project.

Management Commentary

Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said: "We are pleased to receive this Letter of Award from NHAI for the Sahebganj–Areraj–Bettiah corridor in Bihar. This project is closely aligned with the Government of India's PM Gati Shakti vision of integrated and multimodal infrastructure development."

Sehgal further emphasized the project's strategic importance, stating that strengthening national highway networks is critical to improving logistics efficiency, enhancing regional connectivity, and accelerating economic growth. The company remains committed to delivering the project with speed, quality, and sustainability.

Contract Details and Strategic Impact

The project operates under a domestic contract framework with NHAI, eliminating any international entity involvement. This strategically important highway corridor is expected to significantly improve regional connectivity in Bihar, enhance road safety, and facilitate faster movement of goods and passengers, thereby supporting economic development in the region.

The order adds to Ceigall India's robust order book and underlines the company's continued focus on national highway projects under annuity-based models, aligned with long-term visibility of revenues and sustainable growth. The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ceigall India Limited has reported substantial progress on its major highway infrastructure project in Haryana, with its subsidiary achieving a significant milestone under the Hybrid Annuity Mode (HAM) framework.

Project Progress Milestone

The company's subsidiary, Ceigall Jalbehra Shahbad Greenfield Highway Private Limited (SPV), has achieved 90.03% physical progress on the Construction of 4 Lane Greenfield Jalbehra Shahbad Section of NH 152G project. The Independent Engineer (IE) has recommended this progress milestone to the National Highway Authority of India (NHAI) through a letter dated 18.02.2026, determining the Physical Progress as 90.03% towards Payment milestone – 10 for the SPV.

Project Specifications

The infrastructure project involves comprehensive highway development under the Bharatmala Pariyojana Phase I initiative:

Financial Structure and Timeline

The project operates under a well-structured financial framework with multiple funding sources and defined operational parameters:

Project Development Timeline

The highway project has maintained its scheduled progress without delays:

• Concession Agreement Date: December 20, 2022
• Appointed Date: June 2, 2023
• Award Date: June 2, 2023
• Current Physical Progress: 90.03%

The project forms part of the Shahbad - Thol Feeder Route and represents a significant infrastructure development under the government's Bharatmala Pariyojana Phase I program. The achievement of 90.03% physical progress indicates the project is nearing completion, with the SPV structure enabling efficient project execution and milestone-based progress tracking.

This development was disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, reflecting the company's commitment to transparent reporting of material project developments.